Description
Forbo Holding AG (“FORN SW”) is a net-cash European industrial products company currently at an earnings inflection point trading at 8.0x EBITDA, a 33% discount to its historical multiple of 11.9x EBITDA. The company has two stable businesses that consistently convert 50% of its EBITDA into FCF. This is because FORN SW is run by a management team with a sharp focus on maximizing profitability and shareholder returns, having returned 63% of its market cap to shareholders in the last 10 years through share repurchases and dividends. There is 48.2% upside to an investment in FORN SW if the shares simply return to their historical multiple. Additionally, FORN SW will see accelerated growth in the coming years as it’s a beneficiary of two durable macro drivers: environmental sustainability and factory automation.
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FORN SW has two business segments – Flooring Systems and Movement Systems, both of which are leaders in their respective fields:
Flooring Systems (68% of total sales):
The Flooring Systems segment manufactures linoleum and vinyl floors primarily for commercial buildings. FORN SW has a dominant market position globally in linoleum flooring with more than 70% global market share. While linoleum flooring has not grown as quickly as vinyl flooring in the past due to lack of customer awareness and vinyl’s more appealing design options, it has been a stable profit center for FORN SW providing consistent free cash flow. We expect FORN SW’s new linoleum products to gain a greater share of the flooring market as they have become much more comparable to vinyl in terms of design. Additionally, linoleum flooring contains only natural materials, making it one of the most environmentally friendly flooring products. Therefore, the global push to increase sustainability is giving Forbo much better opportunities to market the product, and they stand to gain the most given their market dominance. Over the years, FORN SW has also achieved a much more balanced flooring portfolio by expanding its offering beyond linoleum to the higher growth vinyl floors, focusing only on higher margin products that are less subject to low-cost competition. Given 80% of the company’s floors are sold to healthcare and education end markets, and 40% of sales are tied to renovation/remodel, sales have historically been less sensitive to economic cycles.
Movement Systems (32% of total sales):
FORN SW is a market leading manufacturer of specialized conveyor belts mainly used for food and beverage production and handling. FORN SW’s conveyor belts are viewed to be the highest quality, with industry participants calling FORN SW’s belts the “Cadillac” of the industry. Around 60% of the segment’s sales are attributable to the Transilon product line, with about 75% of its sales derived from food processing customers. Focused on specialty conveyor belts and processing belts, Transilon is a market leading brand with over 600 designs. For example, it has a patented fabric belt design that includes a sealed belt edge, which prevents bacteria and liquids from penetrating the belt. This improves the safety and quality of food processing customers’ products and increases the longevity of the belt. The remaining 40% of the segment’s sales are from several other product lines such as Transtex, Prolink, and Extremultus. End markets served by these other brands include logistics, mail, packaging, and food & beverage. This business has a high degree of recurring revenue as belts in busy manufacturing and production facilities routinely need to be replaced and this business continues to benefit from increased automation in logistics/warehouses and manufacturing facilities.
As reflected in the table below, FORN SW has historically generated consistent results. It’s worth noting that the strengthening CHF has been a headwind to FORN SW’s topline (most notably in 2015) given most of its sales are outside of Switzerland. In constant currencies, FORN SW had a 10-year topline CAGR of 2.9%.
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)
Shares of FORN SW are down 32.8% from the 2021 highs as the war in Ukraine caused enormous macro uncertainties. The rapid increase in commodity prices pressured FORN SW’s margin beginning in early 2022, and the European energy crisis in late 2022 resulted in a slowdown in customer activities across Europe. Following a rare profit warning in November 2022, the company reported 2022 EBIT of CHF 132.6 million, significantly below the prior year’s CHF 179.0 million. However, CHF 20 million of the profit decline was one-time in nature, the majority of which was related to the company’s rapid response to the changing environment and rightsizing of its cost structure to preserve profitability. While continuing to expect a weak economic backdrop, the company issued a net profit guidance for 2023 that’s CHF 30 million above 2022’s results, highlighting the company is back on track.
Over the past 19 years FORN SW has been led by executive chairman This Schneider, who personally owns 2.8% of the company, along with Michael Pieper, who personally owns 29.3% of the company. Together they run the company conservatively and choose to return capital to shareholders rather than make risky investments. In the last ten years, management has returned 75% of FORN SW’s operating cash flow and excess cash to shareholders, including the repurchase of 30% of the company’s shares.
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)
Aside from an expected earnings recovery and trading at a trough valuation, there is further upside from a recent CEO change. In March 2023, the former CEO of Kardex, Jens Fankhanel, joined FORN SW to be the company’s new CEO. Kardex is a publicly traded materials handling company we have followed for years and think highly of, and we’re delighted to see its CEO jumping ship to lead FORN SW. Under Jens’ leadership in the past 7 years, Kardex grew topline at a 7.9% annual rate while consistently improving profit margins. Similar to FORN SW, Kardex also prioritized shareholder return, as 63.5% of operating cash flow over the last 7 years was returned to shareholders via dividends and share repurchases. As a result, Kardex shareholders enjoyed a 157% total return during Jen’s tenure as the company’s CEO. Armed with a net-cash balance sheet, the new CEO will be able to withstand any further economic softness and, more importantly, focus on accelerating growth in the movement systems business as facilities worldwide continue to increase automation.
We believe FORN SW is hyper focused on improving profitability and that, when combined with low expectations, will allow FORN SW to exceed expectations in 2023. There’s further upside when Europe comes out of its energy crisis and customer activities are no longer constrained. In the medium term, we believe FORN SW’s linoleum business will benefit from sustainability and its Movement Systems segment will benefit from increasing automation. Downside is limited as FORN SW is net-cash, consistently generates cash, and will likely tender for shares again in the Fall if they continue to trade at a discounted valuation.
I do not hold a position with the issuer such as employment, directorship, or consultancy.
I and/or others I advise do not hold a material investment in the issuer's securities.
Catalyst
Beating 2023 guidance
Continued large share repurchases